How to emerge stronger and become fit for growth

CEOs were already juggling cost challenges before the COVID-19 outbreak. Then the world’s 20 largest economies went on lockdown within an eight-week window. Optimism for a quick recovery has evaporated and one big question looms: How do we prepare for a future that will be forever changed, but is still not fully known?

The actions you take now to protect your business are critical for its future success. But what are those actions? Our Fit for Growth approach offers a clear path to emerging stronger from the COVID-19 crisis by helping you re-assess strategic priorities across the value chain to thrive in the new normal.

Beyond COVID-19: Three steps to emerge stronger

For leaders across organisations and governments, it is important to delegate crisis management and business continuity to the crisis response teams as the senior leadership invests more time in preparing for the New Normal.

In this publication, we present three steps to designing a plan to emerge stronger:

  1. Identify the permanent shifts impacting your field
  2. Imagine your geographies in "Controlled" state
  3. Initiate: Fit for Growth in the New Normal

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To orchestrate a successful transformation, you need to take a holistic and differentiated approach across five key areas

Develop a clear-eyed strategy

Take another look at your existing strategy and be clear about your must-haves to win in the future — regardless of any economic scenario.

Double down on your differentiating capabilities

Now’s the time to zero-base your cost structure to clarify where to invest and how to pay for it.

Radically transform your cost structure

While most companies will work to protect the bottom line, cost-cutting will not be enough. The global pandemic has upset past beliefs and models about costs. Companies need to cut in a way that doesn't harm growth or chances of survival. With so much change, it’s crucial to reinvent and rebuild for strength and agility.

Revisit your entire cost structure and establish short, mid- and long-term actions to fundamentally adjust for the future.

Reimagine your operating model

Post-crisis reality will challenge today’s operating model across a number of dimensions. Use technology accelerators to better organize and collaborate, strengthening resilience.

Accelerate your cultural evolution

Actively engage the organization to define the required behaviors to build on cultural strengths and own the actions to shape the future.

Contact us

Winston Nesfield

Winston Nesfield

Insurance and Wealth Leader, South East Asia Consulting, PwC Singapore

Tel: +65 9159 1425

Richard Skinner

Richard Skinner

Partner, PwC Singapore

Tel: +65 9737 9481

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